Study Guide for second half of term- Summer Term 2021

1. The UCC imposes on all parties a duty of good faith. The UCC defines good faith as “honesty in fact.”
2. UCC terms: sale, goods, open terms, merchant, requirements contract, output contract, merchant’s firm offer, course of dealing, usage of trade.
3. Glossary: shipment contract, destination contract.
4. What is the entrustment rule? Does it the permit the seller of stolen property to pass good title? Are there any limitations on this doctrine?
5. More glossary, risk of loss, insurable interest, bailment, sale or return, consignment cure, perfect tender rule.
6. Unless the parties agree to a different time, title passes to the buyer at the time and place the seller performs the physical delivery of the goods.
7. Is it possible for title in goods to pass from the seller to the buyer and for delivery to be made even the goods do not move? If so, how?
8. The basic obligation of the seller is transfer and delivery of conforming goods.
9. The basic obligation of the buyer is to accept and pay for conforming goods.
10. If it is unclear whether a contract for the sale of goods is a shipment or destination contract, what type of contract is it?
11. When the buyer breaches, what remedies for breach does the seller have?
12. How about the buyer, what remedies are available to her when the seller breaches?
13. When is specific performance available? What does it mean to obtain cover?
14. Define: warranty, warranty of title. What are the types of warranties of title, and when do they arise?
15. What is an express warranty? The three ways an express warranty are made are: 1)the goods conform to any affirmation of fact or promise made about the goods: 2) that the goods conform to a description of them; 3) that the goods conform to a sample or model of the goods.
16. Define: implied warranty, implied warranty of merchantability and implied warranty of fitness for a particular purpose. When do these warranties arise? Can they be disclaimed?
17. Define: Negotiable Instruments, Order Instrument, Bearer Instrument, Draft, check, acceleration clause. Extension cluse.
18. Holder in Due Course, Indorsement.
19. Define: Signature liability, primary liability, secondary liability, transfer warranty, presentment warranty.
20. What is the difference between a personal defense and a universal defense?
21. Article 9 of the UCC governs secured transactions.
22. Be able to define: security interest, secured party, debtor, security agreement, collateral.
23. For an enforceable security interest to exist, there must be a written agreement (unless the secured creditor retains possession of the collateral); the creditor must give value to the debtor, and the debtor must have rights in the collateral.
24. Once the requirements of a valid security agreement have been met, the security agreement is said to attach. Once attachment occurs, the secured creditor has an enforceable security agreement against the debtor.
25. Perfection of a security interest is the process by which a secured party obtains priority over other parties who claim an interest in the collateral, or who wish to have their debts satisfied through the proceeds of the collateral.
26. The most common method of perfecting a security interest is the filing of a financing statement. Note, however, that perfection is automatic for a purchase money security interest for consumer goods, or where the goods remain in the possession of the secured creditor.
27. A purchase-money security interest arises when a seller or lender provides a buyer with the “purchase money” to buy goods.
28. Assuming that a creditor has a purchase-money security interest(PMSI) in collateral and is either properly perfected or that perfection is automatic, the status as a PMSI is important in that it will give the creditor priority over most other creditors in the event of default.
29. A financing statement is valid, prior to any extensions being filed, for a period of five years.
30. Self help repossession is encouraged by the UCC.
31. A secured creditor repossesses the collateral of a debtor in default. After selling the collateral, there remains an unpaid balance owing on the debt. The creditor can now obtain a deficiency judgment on the remaining balance.
32. Define: Real Property, Personal Property, Fixtures, Bailment.
33. How is personal property acquired?
34. What is the rule for ownership of mislaid property?
35. Define: Deed, easement, fee simple absolute, life estate, tenancy in the entirety, joint tenants, community property.
36. Know the types of deeds. What is a recording statute?
37. Important: Washington is a community property state. What does that mean?
38. Define: Eminent domain, zoning, adverse possession.